Top Trader Shorts $34.7 M in BTC at $102,709 on Hyperliquid, Faces $193K Liquidation Trigger

One of the players in the decentralized exchange Hyperliquid took a giant short in Bitcoin. DefiLlama reported that the trader just shorted 35010 of BTC at 103,087, which increased their total short to 34.74M with an average entry of 102,709.80. The price at which they will be liquidated is 193, 079.90 euros, that is, the position would slump in case BTC surges to that amount.

Understanding the Trade

Users can trade perpetual futures (perps) on Hyperliquid and leverage positions to a very high extent. Shorting is the trader betting the fall of BTC at present prices. The sheer magnitude of the size of the company, i.e. $34.74 million, means that any small fluctuation in price could have large payoffs-or losses. In the case of a short, liquidation will be experienced in the event of margin failures. The mentioned liquidation price indicates that this trader is leveraged highly or Hyperliquid has special liquidation reserves.

Market Snapshot & Timing

Whale Watch Perps has posted the trade on November 13, 2025, at 12:51 UTC (6: 21 PM IST). The price of entry (~$102,709) compares to the markets where BTC was at the time following recent volatility. This is an indication of that the trader is trading promptly, perhaps following on chain indications or derivative order books.

Implications of This Move

To the trader: Massive gain in the event of the BTC falling. However, in the event BTC soars, they are subject to huge liquidation. On the market: A short of 34.7 M is huge. When the market becomes bullish, forced liquidations may also help to lead to a rally. In the case of derivative platforms: Derivatives with high leverage such as this compound risk to exchanges and the general market-volatility and margin risk are in the spotlight. Key Numbers:

• Short entry: ~$102,709.80
• Position size: ~$34.74 million
• Latest added: $35,010 at ~$103,087
• Liquidation point: ~$193,007.90

This trade demonstrates the level of stakes in crypto derivatives. The risk is high, and so is the potential reward. Only in case the trader has a strong belief in a sudden decline of BTC, the size of such a short will be logical. The catchphrase in this case is risk-taking- the trader, the market, or the person who is following the next major move of BTC.